The integrity of a customer in any transaction in the Blockchain industry is essential especially to institutions that practice a B2C (business to customer) kind of business, but the current verification especially is time consuming and stressful especially for first time users. According to Statista, there is a worldwide spending on blockchain solutions and given this massive interest in Blockchain technology, spending in the industry is expected to grow from 4.5 billion U.S. dollars in 2020 to an estimated 19 billion U.S. dollars by 2024. The financial sector accounts for around 30 percent of the market value of blockchain worldwide in 2020, but the technology has spread to nearly every industry from healthcare to agriculture and since every blockchain transaction must be digitally signed, there is the burden of customer verification (KYC - Know Your Customer).
Know Your Customer (KYC) process plays a vital role for authenticating the identity of customers in any organization that mostly deal with finance. KYC verification is crucial to prevent organizations from being used by illegal elements for money laundering activities such as drug trafficking, terrorism and other crimes. Since Blockchain offers features like decentralization, immutability and security, these limitations can be eliminated by using a one-time Blockchain based KYC verification that can be used everywhere and anywhere that verification is needed to reduce the time and streas of doing it all over again for every new registration.
We are creating a fast and seamless automated identification system, that leverages on blockchain technology to address the problem of verification, payment and customer care services in a decentralized community
As a first time user, you would need to submit documents: a 3-dimension passport photograph of you, a certificate of income, a residence permit, or a receipt for payment of utilities at your address, NIN, BVN, VIN and your international passport if you have one. These securities are checked on several bases, after which they determine your level, access to money transactions on any system or platform that KYC is needed, how much you can withdraw or transfer to your account. Since cryptocurrency transactions are non-refundable, an improved security system is needed. Our decentralized KYC verification process allows all the participants in the Blockchain network to verify their different documents that are mostly used for verification purposes, e.g BVN, NIN, VIN, International Passport etc. Our system also allows organizations to conduct credible elections and gives the electorates the powers to vote for legitimacy of the data provided by the candidates or organizations. Depending on number of votes KYC status of customers or voters gets stored on the Blockchain.
The major enhancement in our proposed method is that organizations or political parties can also monitor the process in such a way that, if any political party is tampering with their voters' KYC data and that particular party or entity will get sanctioned accordingly on the network based on this voting. In this way, Blockchain can be used to improve the efficiency of KYC process with its distinctive features.
Our core DAO features include
- A unified NFT IDS system
- Spilt Payment system
- Dynamic voting system with real time results (for both private and public entities)
- Community calls and members register,
- Real time analytics for dao owners
- DAO pay (allows the bankless and walletless to make transactions)
- Our DAO bots . And other cool community features
Our open source DAO based system, is built in such a way that our community members are onboarded seamlessly and on the go. This will help us track the growth of the software and its level of impact with our open source code model, based on the level of active communities that are onboarded on the platform and their activity level backed with our real time analytics. It will also help us make policies and upgrade to the system for better engagement.
By providing these solutions, we would be bringing those at the grassroots into the world of Blockchain, one step at a time and we are committed to growing this emerging technology and bringing it to to its fullest potential.
- MongoDB - Database
- Bunzz - Blockchain and Backend Services
- Express - Server Framework
- React - Web Framework
- NodeJs - Server Environment
- @GloBeau - Business Developer & Team Lead
- @sammyyOzz - Backend Developer
- @Roarnotes - Frontend Developer & Dev LEad
- @Anthonyslav1 - Blockchain Developer
See also the list of contributors who participated in this project.